What is a net-zero goal?

Having a net-zero portfolio means that the assets within the portfolio, in total, do not contribute to a net increase in global emissions.

Our goal is to achieve net zero by 2050. We have set an interim target to first reduce the carbon intensity of our portfolio by 55 per cent by 2030, compared to 2020 levels. This aligns the plan with the objective from the Paris Agreement to restrict global warming to less than 2 ⁰C above pre-industrial levels.

This goal relies on collaboration among global governments, policymakers and companies to continue strengthening policies to meet the overall objectives of net zero by 2050.

Information relating to the Municipal Pension Plan’s goal of a net-zero portfolio by 2050 relies upon advice and analysis received from the Municipal Pension Plan’s investment manager, BCI and in this regard the Municipal Pension Board of Trustees seeks assurances that:

• There is a clear understanding of what needs to be done to achieve the goal;
• There is a concrete, realistic and verifiable plan to accomplish the goal with interim targets;
• Meaningful steps are underway to meet the goal; and
• Internationally recognized methodologies are employed to monitor and report progress.

BCI methodologies and metrics are subject to certain limitations which can be reviewed in the BCI Corporate Annual Report and Climate Action Plan available at https://www.bci.ca.